NEW YORK (CNN/Money) - Time to roll out the red carpet -- it's prom season. From the invitations to the "grand march" to the crowning of the King and Queen, the excitement is high. Unfortunately, so are the price tags.

Prom is known as one of the biggest nights of your teenage life, so of course you want all the perks. But if Teen People Magazine's prediction is true that this year's prom will be the most expensive ever, prom-goers had best brace themselves.

Take today's five tips on doing prom right, without tapping into your college savings.

Let's get real here, this event is two things: a fun affair with your best friends, and an expensive affair with your best friends. According to Your Prom Magazine, the average prom couple dishes out $1,200.

The costliest items are the tickets and the attire. Of course you need the tickets (around $140 per person, according to PromSpot.com) -- but you can always get creative with what you wear.

Guys, skip paying $170 to rent a tuxedo, make a deal with your buddies that you'll all wear nice suits and matching, wacky ties.

You won't be underdressed, says Rosie Amodio, executive editor of PromSpot.com, "It's pretty relaxed as to what guys can wear to prom."

As long as you all go together, your dates will probably think it's pretty cute and cool you did something different.

Gals, after all the semi-formals, weddings, spring flings and homecomings you've attended, you know you already have a dance shopping mall in your closet. Buying a new dress will cost you an average of $200.

Have fun by turning your prom dress search into a fashion show with friends. Invite everyone to come over with all their dresses, shoes, and accessories and hold a prom swap, suggests Amodio.

You boys are lucky you don't have to do your hair and makeup -- it's expensive. The best way to save on getting yourselves professionally done up is with a group rate. Your area salon might already have special prom packages. The Works Aveda Spa and Salon in Walled Lake, Mich., is offering prom princesses a deal to get their hair and nails done for just $45.

Or ask if you can book ten appointments for hair and nails for all your friends and get a 15 to 20 percent discount. For makeup, call your local department store and ask to make an appointment for a free makeover on prom day.

Does that bouquet ever match her dress? Didn't you accidentally stab your date with his boutonniere last time? And aren't garters for weddings?

Okay, mementos from prom are great, but skip the cheese, and save some money by doing something more original instead. Make a deal with your date to forget the flowers and burn each other a Prom 2005 CD. It will last longer and mean more.

If tradition at your school includes going out to an expensive dinner beforehand, be the rebels and have a backyard BBQ.

If the girls are worried about ruining their dresses, print up souvenir t-shirts on your computer or order them online at www.Zazzle.com or www.ExpertShirt.com for less than $10 each that say "My dress survived the BCHS 2005 Prom BBQ at Mike's House" or "I always wear a tux underneath my clothes / 2005 Prom BBQ at Mike's House". Why not? It'll make another fun photo.

Because limos are so popular at prom time, they don't come cheap. A limousine that carries 12 of your friends can start around $150 an hour. For six hours of service, each couple owes a whopping $150.

Try a cheaper and more original alternative like a school bus, a trolley or even an RV, and you can knock that price down seriously.

For example, the BARTA transportation company in Reading, Penn., will offer trolley service to 18 passengers for just $110 an hour -- that's $75 per couple. You local school bus company may be able to cut that cost even more if you can pack a bus with 50 people.

For the RV route, check out www.goRVing.com and CruiseAmerica.com for pricing.

We hope this was a nice stroll down memory lane for all you post-prom folks. At the same time, maybe it was a reality check: kids these days are facing some pretty big price tags to go to the big dance.

If you want to help kids in your community have a great and safe prom, there is plenty you can do. If you own a business, you can donate food, money or prizes to the high school's parent-sponsored post-prom party.

You can also donate your gently-used prom dresses to organizations across the country that will give them away free to eager prom-goers. Check out The Princess Project, which offers a list of such organizations.

And for parents helping their kids pay for prom, remember to offer a budget upfront and help them create a plan that fits that budget. As you may have noticed with that Prom Price Tag of $1,200, things can sure add up.

Gerri Willis is a personal finance editor for CNN Business News and the host for Open House. E-mail comments to 5tips@cnn.com.